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The interim guidelines on Carbon Market and Trading has been developed to enable Zambia manage approval, implementation and regulation of carbon projects.
This is according to the Ministry of Green Economy and Environment.
The carbon market refers to trading systems in which carbon credits are sold and bought.
The interim guidelines on Carbon Markets and Trading outline some administrative measures and procedures to guide Government and stakeholders in the regulation of the carbon market in Zambia.
Green Economy and Environment Minister Collings Nzovu said this on Monday during the launch of the guidelines in Zambia’s capital, Lusaka.
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Nzovu indicated that these guidelines would also be used in the management of the carbon market in Zambia during the interim period until the enactment of the Climate Change Act.
“Transactions on the carbon market are intended to meet commitments under climate change conventions or simply to offset institutional or individual carbon footprint and thereby contribute to good environmental management,” he said.
Zambia has been facilitating implementation of projects under the carbon market since the adoption of the Kyoto Protocol in 1997, which gave emission reduction targets to industrialised countries.
According to Nzovu, the Climate Change Act whose enactment was expected during the first half of 2023, would provide for the regulation of carbon in Zambia.
“Therefore, the Ministry has aligned the interim guidelines to the rules guiding the functioning of the carbon market under the Paris agreement, which were finally agreed at COP-26 in November 2021,” he said.
Nzovu stressed that the guidelines were therefore meant to ensure that the Zambia did not lose out from the carbon market but take advantage and ensures its people, especially the rural communities, benefit from this innovative source of climate financing.
Green Economy and Environment Minister Collins Nzovu
He said the government would not provide finance to project developers for the carbon market but would only play a role in facilitating the partnerships that project developers come up with.
“We will also pay extra attention to ensure that local market players, especially local communities participating in this market are not exploited, but get their fair share of the accrued benefits,” Nzovu concluded.
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